Pearl Global Industries financials: balance sheet, profit and loss, cash flow

NSE: PGILBSE: 532808Textiles & ApparelsSmall Cap

Pearl Global Industries Limited · Formerly House of Pearl Fashions · Face value ₹5 · Listed Feb 2007

₹1,198.90₹0.50 (0.04%)BSE ₹1,200.35

Share price at the NSE close on 28 Oct 2026. Previous close ₹1,198.40.

28 Oct: open ₹1,190.00, high ₹1,215.00, low ₹1,163.20

52-week range of traded prices to 28 Oct 2026

₹643.00Low, 7 Nov 2025₹1,357.90High, 28 Sep 2026

Market cap: ₹11,076 Cr658th largest listed
P/E: 35.69
P/B: 7.59
Dividend yield: 0.60%
ROE: 23.7%
ROCE: 19.9%
Debt to equity: 0.48
Volume, NSE: 65,62047.2% delivered

Pearl Global Industries' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Pearl Global Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹5,025 Cr, year to Mar 2026; lowest ₹1,491 Cr, year to Mar 2021

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 14.3% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,025
Materials and goods−2,634
Employee costs−956
Other expenses−970
Operating profit464
Depreciation−87
Other income+37
One-off items−1.2
Finance costs−103
Profit before tax309
Tax−39
Net profit270

What the company owns

Plant, investments and other assets₹1,208 Cr
Inventory₹882 Cr
Cash and bank₹747 Cr
Receivables₹407 Cr

What pays for it: net worth and liabilities

Net worth₹1,438 Cr
Owed to suppliers₹698 Cr
Borrowings₹687 Cr
Other liabilities₹422 Cr

Pearl Global Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Pearl Global Industries segment results by quarter

Revenue by segment

₹8,182 CrTotal

Hong Kong₹3,937 Cr48.1% of total
Bangladesh₹1,692 Cr20.7% of total
India₹1,094 Cr13.4% of total
Vietnam₹984 Cr12.0% of total
Others₹474 Cr5.8% of total

Profit by segment

Hong Kong₹163 Cr38.8% of total
Bangladesh₹120 Cr28.5% of total
India₹47 Cr11.1% of total
Vietnam₹91 Cr21.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Hong Kong
Revenue, ₹ crore
882
918
783
2,002
2,524
2,759
3,603
3,937
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
12
13
20
19
41
82
177
163
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Bangladesh
Revenue, ₹ crore
598
547
565
950
1,099
1,393
1,489
1,692
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
26
19
15
34
89
121
116
120
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
India
Revenue, ₹ crore
841
825
772
942
1,116
957
1,196
1,094
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
66
35
15
63
84
48
65
47
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Vietnam
Revenue, ₹ crore
498
637
984
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
33
47
91
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
158
175
124
502
534
219
365
474
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7
6
3
17
26
−9
−38
−9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,478	2,465	2,244	4,396	5,273	5,826	7,290	8,182
Company revenue, as in its results	1,757	1,685	1,491	2,714	3,158	3,436	4,506	5,025
Revenue	882	918	783	2,002	2,524	2,759	3,603	3,937
Revenue growth	–	4.1%	−14.8%	155.8%	26.1%	9.3%	30.6%	9.3%
Profit	12	13	20	19	41	82	177	163
Profit growth	–	14.9%	46.2%	−5.8%	122.7%	98.8%	115.4%	−7.7%
Margin	1.3%	1.5%	2.5%	0.9%	1.6%	3.0%	4.9%	4.1%
Return on capital	5.3%	4.3%	7.3%	3.9%	17.8%	42.6%	43.4%	27.4%
Assets	238	355	332	519	327	449	665	894
Liabilities	17	40	63	48	95	256	258	298
Capital employed	221	315	269	471	232	193	407	596
Revenue	598	547	565	950	1,099	1,393	1,489	1,692
Revenue growth	–	−8.5%	3.4%	68.0%	15.7%	26.7%	6.9%	13.6%
Profit	26	19	15	34	89	121	116	120
Profit growth	–	−29.1%	−17.5%	121.4%	161.2%	36.1%	−4.0%	3.4%
Margin	4.4%	3.4%	2.7%	3.6%	8.1%	8.7%	7.8%	7.1%
Return on capital	38.7%	19.5%	21.1%	40.3%	31.4%	33.8%	32.9%	24.5%
Assets	179	220	232	326	561	661	713	958
Liabilities	111	125	159	242	279	303	359	469
Capital employed	68	95	73	84	283	358	354	490
Revenue	841	825	772	942	1,116	957	1,196	1,094
Revenue growth	–	−1.8%	−6.5%	22.1%	18.4%	−14.2%	25.0%	−8.5%
Profit	66	35	15	63	84	48	65	47
Profit growth	–	−46.4%	−58.2%	322.9%	34.8%	−43.3%	35.9%	−28.1%
Margin	7.9%	4.3%	1.9%	6.7%	7.6%	5.0%	5.4%	4.3%
Return on capital	16.4%	9.3%	3.3%	14.3%	18.4%	10.0%	9.9%	6.8%
Assets	540	557	620	676	652	712	955	1,007
Liabilities	138	175	169	237	193	234	295	317
Capital employed	403	382	451	439	459	479	660	690
Revenue	–	–	–	–	–	498	637	984
Revenue growth	–	–	–	–	–	–	27.8%	54.6%
Profit	–	–	–	–	–	33	47	91
Profit growth	–	–	–	–	–	–	42.0%	94.8%
Margin	–	–	–	–	–	6.6%	7.3%	9.2%
Return on capital	–	–	–	–	–	35.3%	29.1%	42.2%
Assets	–	–	–	–	–	213	363	510
Liabilities	–	–	–	–	–	120	203	294
Capital employed	–	–	–	–	–	93	161	216
Revenue	158	175	124	502	534	219	365	474
Revenue growth	–	11.0%	−28.9%	304.2%	6.3%	−59.0%	66.7%	29.8%
Profit	7	6	3	17	26	−9	−38	−9
Profit growth	–	−24.2%	−51.9%	529.4%	53.4%	–	–	–
Margin	4.8%	3.2%	2.2%	3.4%	4.9%	−3.9%	−10.5%	−1.9%
Return on capital	10.2%	14.0%	7.1%	13.5%	16.1%	−8.2%	−31.5%	−5.0%
Assets	89	55	45	198	291	172	217	363
Liabilities	16	14	7	70	128	68	95	188
Capital employed	73	41	39	128	163	105	122	174

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Pearl Global Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026Twelve monthsFiled 5 Aug
Revenue from operations	1,524	1,496	1,757	1,685	1,491	2,714	3,158	3,436	4,506	5,025	5,325
	1,468	1,471	1,671	1,618	1,430	2,573	2,903	3,128	4,103	4,561	4,810
Materials and goods bought	798	825	872	808	769	1,511	1,630	1,698	2,372	2,634	2,712
Employee costs	255	237	360	393	325	459	561	670	839	956	1,008
Other expenses	415	409	439	417	336	604	712	760	891	970	1,089
Operating profit before depreciation	56	25	86	67	61	141	256	308	404	464	515
Operating margin	3.7%	1.7%	4.9%	4.0%	4.1%	5.2%	8.1%	9.0%	9.0%	9.2%	9.7%
Materials, % of revenue	52.4%	55.2%	49.6%	48.0%	51.6%	55.7%	51.6%	49.4%	52.6%	52.4%	50.9%
Employee costs, % of revenue	16.7%	15.9%	20.5%	23.3%	21.8%	16.9%	17.8%	19.5%	18.6%	19.0%	18.9%
Other expenses, % of revenue	27.2%	27.3%	25.0%	24.7%	22.5%	22.2%	22.5%	22.1%	19.8%	19.3%	20.5%
Depreciation and amortisation	20	23	26	42	44	48	51	64	75	87	93
Operating profit after depreciation	36	2	61	25	16	92	205	244	328	377	422
Other income	27	48	34	49	24	33	23	32	34	37	37
Finance costs	21	26	29	42	41	47	65	83	99	103	102
Profit before one-off items and tax	42	24	66	32	−1	79	162	193	263	311	356
One-off items	0	8	17	−1	13	7	13	−1	5	−1	−4
Profit before tax	42	32	83	31	11	86	176	192	267	309	353
	7	9	16	10	−6	16	23	23	37	39	49
Current tax	–	7	14	8	4	11	24	25	39	51	56
Deferred tax	–	3	2	1	−10	5	−1	−2	−2	−12	−8
	34	23	67	22	17	70	153	169	231	270	304
Belonging to the company's shareholders	34	23	67	22	17	68	149	175	248	278	310
Belonging to outside owners of subsidiaries	–	–	0	0	0	2	4	−6	−18	–	–
Other comprehensive income	–	–	15	22	−1	14	−13	−5	−20	77	88
Total comprehensive income	–	–	82	43	17	84	140	164	211	347	392
Net margin	2.2%	1.5%	3.8%	1.3%	1.2%	2.6%	4.8%	4.9%	5.1%	5.4%	5.7%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	481	514	530	615	743	817	1,146	1,438
	470	501	517	599	722	802	1,156	1,460
Share capital	22	22	22	22	22	22	23	23
Reserves	448	479	496	577	701	780	1,133	1,437
Belonging to outside owners of subsidiaries	12	13	13	16	20	15	−9	−22
	316	357	325	564	448	445	552	687
Repayable after a year	81	100	125	124	89	104	80	103
Repayable within a year	235	257	200	440	359	341	472	584
	479	513	519	911	817	883	1,118	1,399
Trade payables	181	181	247	439	392	486	557	698
Other financial liabilities	52	65	63	18	26	23	29	36
Other liabilities	9	9	7	9	19	19	35	41
Provisions	1	1	1	2	1	7	11	13
Tax owed	2	1	1	2	19	7	14	27
	140	225	245	255	221	285	331	408
Other financial liabilities	2	72	67	74	101	144	204	236
Other liabilities	33	30	30	30	1	1	1	1
Provisions	21	21	23	24	29	35	46	68
Deferred tax	2	2	0	3	1	0	0	–
Total assets	1,100	1,252	1,294	1,781	1,781	1,985	2,596	3,245
	434	543	533	534	619	707	838	1,012
Plant in use, after depreciation	244	222	214	258	288	531	646	737
Plant being built	8	36	47	15	33	35	44	110
Intangible assets	1	1	1	1	2	2	3	2
Goodwill	19	18	18	18	19	22	22	24
Intangible assets being developed	0	–	0	–	0	0	0	3
Property held to earn rent	74	74	159	171	191	56	56	55
Investments	33	31	47	50	54	30	24	36
Loans given	23	24	22	1	0	0	10	0
Other financial assets	14	14	12	11	8	20	11	17
Deferred tax	0	1	5	1	1	3	7	20
Other assets	18	123	10	8	22	8	16	8
	667	709	761	1,247	1,161	1,279	1,758	2,233
Inventories	236	264	279	540	513	503	705	882
Trade receivables	222	220	242	367	209	265	324	407
Cash and cash equivalents	94	88	95	117	256	328	510	704
Other bank balances	17	22	22	33	38	39	56	43
Current investments	0	7	8	5	6	0	0	0
Loans given	17	17	17	35	25	23	23	22
Other financial assets	17	1	1	6	113	11	7	33
Other assets	64	90	97	145	0	111	131	140
Net debt	205	240	200	409	148	79	−15	−61

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	95	−91	365	352	176	398
	85	−112	456	372	212	437
	39	−239	158	45	−205	−121
Receivables	−25	−127	156	−61	8	−77
Inventories	−15	−261	26	11	−202	−177
Payables	67	195	−46	96	−6	137
Other working capital	12	−47	21	−1	−5	−3
Tax paid	−4	−8	−23	−21	−32	−40
Interest paid	34	35	0	0	0	0
Capital spending	21	83	68	124	118	187
Free cash flow	74	−175	297	228	59	212
	−26	−40	−26	−128	−104	−158
Plant and property sold	0	2	0	7	24	1
Companies bought	0	0	0	0	−16	−5
Interest received	0	3	4	7	10	17
Dividends received	0	0	0	0	0	0
	−62	153	−200	−152	101	−46
Borrowings raised	0	199	0	15	123	135
Borrowings repaid	0	−1	−116	−18	−25	0
Interest paid	−26	−26	0	−70	−83	−80
Lease payments	0	−20	−21	−34	−39	0
Dividends paid	0	0	8	49	25	60
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	4	150	7
Net change in cash	7	22	139	72	174	194

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Pearl Global Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	₹3.87	₹2.78	₹7.77	₹2.49	₹1.99	₹7.87	₹17.23	₹20.13	₹27.48	₹30.17
As stated that year	₹15.47	₹11.12	₹31.06	₹9.95	₹7.97	₹31.46	₹68.90	₹40.26	₹54.96	₹60.34
	₹3.87	₹2.78	₹7.77	₹2.49	₹1.99	₹7.87	₹17.20	₹20.03	₹26.44	₹30.08
As stated that year	₹15.47	₹11.12	₹31.06	₹9.95	₹7.97	₹31.46	₹68.79	₹40.05	₹52.87	₹60.16
	₹0.75	₹0.50	₹0.75	–	–	₹1.25	₹1.88	₹4.38	₹5.75	₹7.25
As declared that year	₹3.00	₹2.00	₹3.00	–	–	₹5.00	₹7.50	₹17.50	₹11.50	₹14.50
	–	–	₹54.22	₹57.77	₹59.69	₹69.12	₹83.37	₹92.01	₹125.80	₹158.17
On that year's share count	–	–	₹216.89	₹231.06	₹238.74	₹276.47	₹333.49	₹184.02	₹251.59	₹316.35
Dividend payout	19.4%	18.8%	9.7%	–	–	15.9%	10.9%	21.8%	21.3%	24.1%
Shareholder yield	–	–	–	–	0.0%	0.0%	0.9%	1.9%	−2.1%	0.9%
Market cap at the year end (₹ crore)	256	230	387	239	372	921	886	2,383	6,054	6,240

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Pearl Global Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue growth	9.4%	−1.8%	17.5%	−4.1%	−11.5%	82.0%	16.4%	8.8%	31.1%	11.5%
Operating profit growth	−8.1%	−55.5%	248.9%	−22.5%	−9.5%	132.1%	81.8%	20.5%	31.1%	14.9%
Net profit growth	−8.6%	−31.1%	190.7%	−67.6%	−19.5%	301.0%	118.2%	10.5%	36.5%	17.0%
Earnings per share growth	–	−28.1%	179.3%	−68.0%	−19.9%	294.7%	119.0%	16.9%	36.5%	9.8%
	–	–	14.3%	4.4%	3.4%	12.2%	22.6%	22.9%	25.4%	21.2%
	–	–	–	−9.9 pts	−1.1 pts	8.8 pts	10.4 pts	0.3 pts	2.4 pts	−4.1 pts
From the net margin	–	–	–	−9.5 pts	−0.4 pts	4.0 pts	10.8 pts	1.7 pts	1.9 pts	0.1 pts
From asset turnover	–	–	–	−0.5 pts	−0.7 pts	3.7 pts	0.1 pts	0.7 pts	1.9 pts	−3.2 pts
From borrowing	–	–	–	0.2 pts	0.1 pts	1.1 pts	−0.5 pts	−2.1 pts	−1.4 pts	−1.0 pts
Return on capital employed	–	–	7.6%	2.9%	1.9%	7.8%	17.2%	19.3%	19.3%	17.7%
Cash conversion	–	–	–	–	541.2%	−130.5%	238.4%	208.2%	76.4%	147.5%
Interest cover	1.7	0.1	2.1	0.6	0.4	2.0	3.1	2.9	3.3	3.6
Debt to equity	–	–	0.66	0.70	0.61	0.92	0.60	0.54	0.48	0.48
Receivable days	–	–	46	48	59	49	24	28	26	30
Inventory days	–	–	99	119	132	130	115	108	109	122
Payable days	–	–	76	82	117	106	88	105	86	97
Cash conversion cycle, days	–	–	69	85	74	74	51	32	49	55
Working capital days	–	–	65	73	78	84	47	39	44	49
Asset turnover	–	–	1.60	1.43	1.17	1.77	1.77	1.82	1.97	1.72
Assets per rupee of net worth	–	–	2.34	2.42	2.50	2.75	2.70	2.47	2.34	2.23
Sales per rupee of plant	–	–	7.22	7.59	6.97	10.51	10.96	6.47	6.98	6.82
Capital spending to depreciation	–	–	–	–	0.47	1.72	1.33	1.93	1.56	2.14
Plant being built, % of plant in use	–	–	3.2%	16.3%	22.0%	5.9%	11.5%	6.6%	6.8%	15.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.5%
Cash from operations against operating profit: 85.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	13.7%	27.5%	16.7%
Profit growth, yearly rate	22.4%	74.3%	23.0%
Return on equity, average	–	20.9%	23.2%
Return on capital employed, average	–	16.3%	18.8%
Operating margin, average	5.9%	8.1%	9.0%
Net margin, average	3.3%	4.6%	5.1%
Asset turnover, average	–	1.81	1.84
Cash conversion cycle, days, average	–	52	45
Interest cover, average	2.0	3.0	3.3
Debt to equity, average	–	0.60	0.50

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,200	927	398
Cash from investing	−455	−390	−158
Cash from financing	−143	−97	−46
Capital spending	579	428	187
Dividends paid	142	135	60
Shares bought back	0	0	0
Shares issued for cash	161	161	7
Borrowings raised	472	273	135
Borrowings repaid	159	43	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	5	8	7	6	5
Altman Z-scorePublished threshold 1.81	–	–	3.08	2.46	2.34	2.92	3.52	4.20	5.62	4.97
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.61	−1.65	−3.26	−2.86	−2.15	−2.39
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−4.01	13.09	−10.45	−2.91	6.89	1.02
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.53	1.59	1.62	1.38
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	3.51	21.39	−30.61	−59.29	17.95	−8.89	14.05
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	18.99	10.52	−2.91	−12.74	−6.26	0.55	14.11
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.60	0.49	1.94	−1.20	0.25	0.37	0.69
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.77	1.31	0.16	0.41	0.11	0.23	0.62
Effective tax ratePublished threshold 17.16 per cent	16.63	28.75	19.09	30.43	−53.96	18.31	13.00	11.94	13.68	12.70
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	9.35	−0.15	1.01	1.86	−0.16

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
28 Jan 2026	ICRA Limited	Unallocated limits-Unallocated limits	[ICRA]A+ /[ICRA]A1+Review, Upgrade	Stable	100
28 Jan 2026	ICRA Limited	Fund-based-Others	[ICRA]A1+Review, Upgrade		230
28 Jan 2026	ICRA Limited	Fund-based-Term loan	[ICRA]A+Review, Upgrade	Stable	43
28 Jan 2026	ICRA Limited	Non-fund based-Others	[ICRA]A1+Review, Upgrade		180
19 Sep 2025	ICRA Limited	Unallocated-Unallocated	[ICRA]A /[ICRA]A1Review, Other	Stable	41.66

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.